Markets …Recovering From COVID-19 Setbacks
“Homebuyer interest recovered quickly post COVID-19 and remains high despite the weaker economic environment, as low mortgage rates, virtual tools and lockdown lifts have enabled many buyers to continue the home search process, albeit often with adaptations.
Though home prices had slowed down in recent months (they never outright declined), it appears that trend has ended. shows prices up... “Home prices are back to their pre-COVID pace and we're seeing listings spend slightly less time on the market than last week.
But the housing market still needs more sellers in order to meet the surge in demand. Looking forward, if we don’t get the inventory we need, we'll see prices rise even more and homes sell faster later this summer.”… READ MORE
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The Current Miami Springs Market
There are 29 active listings this week. Much lower inventory compared to last year. Good news for Sellers. The market is bouncing back to almost pre-coronavirus conditions. Please refer to the article posted on our website. We are optimistic that things will continue to improve. We expect a gradual increase in inventory as we resume to somewhat normal activities.
Seventeen (17) listings are priced over $500,000. One (1) property is listed over $1,000,000. Seven (7) active listings have had a price reduction (3 this week). This usually means that the property is overpriced. However, given the COVID-19 situation, some Sellers may want to re-evaluate their pricing to motivate Buyers. We are still in a Seller’s market and there should be fewer price reductions as the inventory decreases.
Sellers thinking about selling should act quickly and get their property on the market. Prices remain strong, mortgage interest rates remain low, and there are serious Buyers buying! Timing is everything. If you're on the fence about selling, now is the time to get off and put your house on the market.
The demand is high for properties under $400,000. There are only two (2) listings under $400,000. This will make it more difficult for Buyers looking in that range due to competition from other Buyers. Multiple Offers expected for entry-level Buyers. Ten (10) properties are priced between $400,000-$500,000.
Property price reductions? What does this mean? Usually, the property was overpriced from the beginning. However, sellers are recognizing the market change. There are less price reductions as the inventory decreases. Sellers that haven’t been able to sell their property in this market should re-evaluate their strategy and adjust accordingly based on the current market circumstances.
During the period of June 5, 2020 through June 12, 2020 there were reported 1 new listing, 1 closed sale, 3 pending sales, 1 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 3 price reductions and 0 price increases. Interest rates remain low. A GREAT TIME TO BUY OR SELL.
Attention Sellers! Low Inventory + Low Interest Rates = Seller's Market. Act Now!
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, June 12th, 2020. All closed sales are within the last 90 days.
HOW DOES YOUR HOUSE COMPARE?
*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.
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